FRAUDULENT phoenix activities are increasingly becoming a problem in the printing industry and the federal government needs to stop it says Printing Industries.
The call comes as part of the industry response to the federal government’s Proposals Paper examining the kind of actions that can be taken against fraudulent phoenix activity.
“Through this consultation process we are undertaking the printing industry has a unique opportunity to present its view on this critical issue to the federal government," Printing Industries CEO Philip Andersen says.
According to Printing Industries, phoenix activity typically involves directors transferring assets of an indebted company into a new company in which they are also own before liquidating the old business.
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